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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 3, 2023

 

 

FINTECH ECOSYSTEM DEVELOPMENT CORP

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-40914   86-2438985

(State or other jurisdiction of

incorporation or organization)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification Number)

100 Springhouse Drive, Suite 204, Collegeville, PA, 19426

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (610) 226-8101

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☒

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange

on which registered

Units, each consisting of one shares of Class A common stock, one right and one-half of one redeemable warrant   FEXDU   The Nasdaq Capital Market
Class A common stock, par value $0.0001 per share   FEXD   The Nasdaq Capital Market
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share   FEXDW   The Nasdaq Capital Market
Rights included as part of the units   FEXDR   The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01

Regulation FD Disclosure.

On July 3, 2023, Rana Financial, Inc. (“Rana”), filed a claim for injunctive and declaratory relief, among other things, in the Court of Chancery of the State of Delaware, requesting that the Court invalidate the previously disclosed termination by Fintech Ecosystem Development Corp. (the “Company”) of that certain Business Combination Agreement dated September 9, 2022, by and among the Company, Rana, and certain other parties thereto (the “Agreement”), require specific performance by the Company of its obligations under the Agreement, deliver to Rana certain requested financial information, and in the alternative, provide monetary damages. The dispute arises out of whether the Company properly exercised its right to terminate the Agreement pursuant to Section 9.01(h) of the Agreement, which permits such termination if certain required financial statements (together with an unqualified report therein of the auditors of Rana and its subsidiaries, if applicable) are not delivered on or before the deadlines specified in the Agreement. The Company intends to defend this suit vigorously and believes that the claims asserted by Rana are without merit. However, there can be no assurance as to the ultimate outcome of this matter. As a result, this could affect the Company’s ability to consummate the initial business combination or another business combination in the future.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, shall be deemed “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    FINTECH ECOSYSTEM DEVELOPMENT CORP
Date: July 5, 2023     By:  

/s/ Saiful Khandaker

     

Saiful Khandaker

Chief Executive Officer

v3.23.2
Document and Entity Information
Jul. 03, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 03, 2023
Entity Registrant Name Fintech Ecosystem Development Corp.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40914
Entity Tax Identification Number 86-2438985
Entity Address, Address Line One 100 Springhouse Drive
Entity Address, Address Line Two Suite 204
Entity Address, City or Town Collegeville
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19426
City Area Code 610
Local Phone Number 226-8101
Written Communications true
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001852407
Capital Units [Member]  
Document Information [Line Items]  
Title of 12(b) Security Units, each consisting of one shares of Class A common stock, one right and one-half of one redeemable warrant
Trading Symbol FEXDU
Security Exchange Name NASDAQ
Common Class A [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol FEXD
Security Exchange Name NASDAQ
Warrant [Member]  
Document Information [Line Items]  
Title of 12(b) Security Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Trading Symbol FEXDW
Security Exchange Name NASDAQ
Rights [Member]  
Document Information [Line Items]  
Title of 12(b) Security Rights included as part of the units
Trading Symbol FEXDR
Security Exchange Name NASDAQ
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